Receiving Gifts
Sharonjayne
Registered Posts: 12
Our paper supplier have given us a cheque for being such wonderful customers. They are VAT registered and so are we. We are also a Limited Company. How do I account for the money received?
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Dr Bank, Cr Sundry income.Sharonjayne said:Our paper supplier have given us a cheque for being such wonderful customers. They are VAT registered and so are we. We are also a Limited Company. How do I account for the money received?
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How about VAT?0
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If it genuinely is an unsolicited gift then I would surmise it is not consideration for a supply and hence VAT isn't relevant.0
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Thank you0
